1902 Fenton Rd

Flint, MI 48507

$269,000B-

36 bd · 36.0 ba · 5,962 sqft · Built — · MultiFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,193/mo
• Mortgage (P&I): −$1,411
• Tax + insurance: −$448
• HOA: −$0
• Vac / Maint / Mgmt: −$1,721
• Net cashflow: $4,613/mo
• Annual: $55,362/yr
• Cap rate: 26.87%
• Cash-on-cash: 73.50%
• DSCR: 4.27
• 1% rule: 3.05%
• Cash to close: $75,320

Investor read

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $269k. Condition is rated fair.
• At list price, monthly cash flow is $5k ($55k/yr) — positive. Per door: $769/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $269k).
• It's been on market 66 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#196 in MI, #4,946 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Flint School District (urban): math 7% / reading 13% proficiency, ranked #714 of 760 in MI (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Holmes Stem Middle School Academy (math 10% / reading 30%, grade F, #420 of 493 statewide, top 86%, 324 students, 90% FRL).
• Market conditions: Rents soft (-1.0%/yr); 209 active listings in the ZIP; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $75k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 26.9% vs local median 11.5% in Flint — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $8,193/mo this rent would consume 211% of the median local household income ($47k/yr) (locally 1534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Major: roof — Exposed insulation and potential water damage
• Major: exterior siding — Weathered and peeling
• Major: HVAC system — No visible systems, likely outdated
• Major: kitchen cabinets — Old and worn
• Major: bathroom fixtures — Old and dated
• Major: landscaping — Overgrown and unkempt